Sequenom makes $30M private placing

San Diego, USA-based genomics firm Sequenom says that it has entered into agreements to issue and sell an aggregate of 3,383,335 shares of its common stock at $9.00 each to certain investors. The net proceeds, after deducting the placement agents' fees and estimated offering expenses payable by Sequenom, are expected to be around $28.0 million, and the company intends to use these to advance its research, development and commercialization of various diagnostic tests, as well as for general corporate purposes.

Lehman Brothers and UBS Investment Bank served as joint-lead placement agents for Sequenom, while Oppenheimer & Co, Leerink Swann and Rodman & Renshaw acted as co-placement agents.

Sequenom also reaffirmed its previously-announced financial guidance for the 2007 year reported on August 6, in conjunction with its second quarter financial results, which included full-year 2007 revenues of $39.0 million to $41.0 million, a 37% to 44% increase compared with 2006 revenues, and cash burn of approximately $16.0 million.